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Tax Resources

Tax Benefits for Education

IRS Tax Benefits for Education

The federal government offers tax incentives when you or your parents pay for college through Tax Credits (direct reduction of tax liability) and Tax Deductions (reduction of the amount of income on which you pay taxes), if you meet certain conditions. MUSC cannot provide you with tax advice. Please contact the IRS or your personal tax adviser to determine if you are qualified to claim these tax credits and deduction.

Federal Tax Credits

American Opportunity Tax Credit

Lifetime Learning Credit

State Tax Credits

SC Tuition Tax Credit

Tax Deductions

Tuition and Fees or Student Loan Interest deduction

1098-T Statements

Schools send the 1098-T form to any student who paid “qualified educational expenses” in the preceding tax year. Students may download the information from Heartland ECSI annually or contact the Bursar’s office for assistance in obtaining the form.

Additional Tax Resources:

IRS Publication 970 (Tax Benefits for Education)

Federal Student Aid Tax Benefit Resources